Restaurant Brands expect 67% profit rise

Restaurant Brands is forecasting a 67 percent rise in its annual profit to $19.5 million.The company today attributed the improvement to stronger than expected trading over the past quarter of the year, particularly from its KFC stores, and the resolution of a pricing review with a major supplier.

Restaurant Brands, which also operates the New Zealand outlets of Pizza Hut and Starbucks Coffee as well as KFC in this country, said it now anticipated its full year net profit after tax, excluding non trading items, for the year ended February 28 would be $7.8m above the result of the previous year.Early today shares in Restaurant Brands were up 8c, and following the profit forecast, published by NZX at 11.17am, were up 18c to $2. After dropping below 60c in late 2008, shares in Restaurant Brands rose strongly through 2009.

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